4 unit multifamily deal

[Jef A.]

I found a 4 unit multifamily unit with the numbers below. To me this is not a good deal but i just wanted to bounce my math off of others to make sure i understand how to judge these things.

Purchase price 330,000

Market value 360,000

Rent 800 per unit = 3200/month

Mortgage 1700

Expenses per month including mortgage 2800 (Mortgage, insurance, property management (8%), HOA, taxes, 10% vacancy expense)

Profit would be roughly 400 a month

Cap Rate would be around 1.3%

This assumes the units need zero repairs......do i have my calculations right?